True Religion (clothing brand)
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Introduction of True Religion
(clothing brand)
True Religion Brand Jeans is an American clothing company
established in December 2002 by Jeff Lubell and Kym Gold and based in Vernon,
California.
True Religion Brand Jeans focus on premium denim, some of
which is made in the United States. In 2009 True Religion was sold in around
900 boutiques and specialty stores in 50 countries on six continents.The
flagship store opened in 2005 in Manhattan Beach, California. True Religion
products are also sold at major department stores like Von Maur, Nordstrom, Bloomingdales,
Saks Fifth Avenue, as well as a handful of others.[2] The brand has had to
close stores because it goes through bankruptcy restructuring.
True faith attire, the designer jeans company, announced on
Friday that it had agreed to be acquired by the private equity firm TowerBrook
Capital Partners for about $835 million.
The purchase highlights the increase of premium-priced jeans
as a high-fashion staple and standing image. Over the last decade, a spread of
brands, including 7 for All Mankind, Current/Elliott and J Brand have fueled
the frenzy for that perfect pair of jeans, selling their wares for upward of
$400.
A deal for True faith has been anticipated since Oct, once
the corporate proclaimed it had maintained the investment bank Guggenheim
Securities to explore a doable sale. TowerBrook can pay $32 a share in money,
representing a roughly nine p.c premium to wherever the stock closed on Th. Its
shares ended the day Friday at $31.82.
On True Religion’s Web site, a pair of women’s dark blue
denim low-rise straight leg jeans was for sale for $343; cut-off jean shorts
with vintage label patches retailed for $228.
In recent years, True Religion’s growth has slowed once a
series of fashion missteps and as troubled customers shied removed from its
fancy dungarees. Mr. Lubell stepped down as chief executive and creative
director earlier this year after the board declined to renew his contract.
According to securities filings, Mr. Lubell still owns about 600,000 shares of
the company’s stock, worth about $19 million at current prices.
Rebecca Duval, a retail analyst at BlueFin Research
Partners, said that now was a good time to refresh the brand, in part because
of fall fashion trends embracing indigo-colored jeans. “We’re seeing a revival
in denim, and also the leading brands like True faith can like the accrued
demand,” she said.
TowerBrook, the non-public equity firm that's effort the
corporate, has expertise with upmarket product. The firm once closely-held the
posh shaper Jimmy Choo, that it sold-out in 2011 to the German fashion company
Labelux cluster. TowerBrook was spun out from the fund Soros Fund Management in
2005. Its holdings embrace Rave Holdings, the movie theater chain, and the St.
Louis Blues hockey franchise.
The firm, that recently raised a $3.5 billion fund, is lead
by Ramez Sousou and Neal Moszkowski. The TowerBrook partner leading truth faith
deal, Andrew Rolfe, is a former president of Gap International and chief
executive of Pret a Manger.
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Acquisition
True faith was purchased by TowerBrook Capital Partners on
could ten, 2013. That provided shareholders a 52% premium to True Religion's
share price on October 9, 2012, the day before the company announced it was
exploring strategic alternatives.[4] The stock had fallen 40% in 2012 up to
October 9, 2012, due to a poor Christmas period in 2011 and worries that a
shrinking number of shoppers were willing to purchase True Religion's
high-priced jeans.[5] Forbes also noted that over the prior three years, True
Religion shares had gained just 11.6% while shares in comparable luxury-goods
companies VF Corporation, Ralph Lauren Corporation, and PVH Corp. had all more
than doubled in value during the period.[5]
Prior to the acquisition, True Religion traded on NASDAQ
under the symbol TRLG.[6]
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Bankruptcy
True faith filed for bankruptcy protection on Gregorian
calendar month five, 2017, after acknowledging they had $534.7 million worth of
liabilities but only $243.3 million in assets.[3]
As a result of this filing, True Religion also announced the
closure of 27 stores in the United States.
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CORPORATE RESPONSIBILITY
True faith attire, Inc., together with its subsidiaries and
affiliates (collectively, the “Company”), is dedicated to upholding fair and
legal employment practices and environmental sustainability requirements.
As AN integral part of this commitment, we have developed
and implemented a Vendor Code of Conduct (the “Code,” available here), which
applies to all vendors, manufacturers, contractors, subcontractors, and
suppliers (“Vendors”) that kind a vicinity of our provide chain.
The Code advises our Vendors of their obligation to stick to
all or any applicable native, state (including the California Transparency in
Supply Chain Act) and federal laws as well as the standards established by the
Company and set forth in the Code.
The core elements of our Code are prohibitions on
discrimination, forced labor, and child labor, insistence on fair wages and
hours and the provision of safe and healthy working conditions, as well as
guidelines for minimizing each Vendor’s environmental footprint.
As a condition of doing business with the Company, each
Vendor must execute the Code and implement the principles contained therein.
The Company will continue to develop Vendor monitoring
systems including, but not limited to, independent, unannounced third party
audits to assess and ensure compliance with the Code.
If the corporate determines that any marketer has profaned
the Code, the corporate could either terminate its relationship or need the
seller to implement a corrective action set up.
By espousing the foregoing principles, the Company strives
to ensure integrity of its supply chain while continuing to uphold and exceed
the quality of our branded merchandise.
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